Report: Rochdale Seeks Capital Injection After Apple Trading Error
Rochdale Securities, the home of influential banking analyst Dick Bove, is reportedly searching for a capital injection after a trading error diminished the brokerage firm’s capital base.
According to Bloomberg News, executives at Stamford, Conn.-based Rochdale are telling employees and potential investors that the trading error involves an unauthorized purchase of shares of Apple (NASDAQ:AAPL).
Rochdale and its President, Daniel J. Crowley, didn’t immediately respond to a request for comment.
Rochdale was founded in 1975 and “provides competitive executions based on the expertise of our traders,” the company’s website says.
The brokerage also offers research from analysts like Bove, who is well known in the financial community for his coverage of big banks like Citigroup (NYSE:C) and Bank of America (NYSE:BAC).
The incident comes just months after Knight Capital Group (NYSE:KCG), a massive Jersey City, N.J.-based market maker, received a last-minute rescue following a trading glitch that fueled losses north of $450 million.